$A steady ahead of December quarter GDP

The Australian dollar has mostly held its ground against a surging US dollar, getting support from strong retail figures and the prospect of no interest rate cuts in the near future.

At 0700 AEDT on Wednesday, the local unit was trading at 102.43 US cents, a touch down from 102.44 cents on Tuesday.

In early morning trade, it peaked at 102.64 US cents, the currency's highest level since Thursday.

BK Asset Management managing director Boris Schlossberg said the Australian dollar was the only major currency to make gains against the US dollar in overnight trade.

He said the greenback rallied after the Institute for Supply Management said its index of non-manufacturing activity index rose to 56 in February, indicating an expansion in activity for industries that cover 90 per cent of the US workforce.

"This was the best reading since February of 2012 and offered clear evidence that there is growth in the US economy," Mr Schlossberg said from New York.